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3 years ago

14

Lori gets an offer from another bank that is also paying 6% on CD's, but is compounding interest daily. How much will the $1500

CD be worth in: 5 years?

1 answer:

-Dominant- [34]3 years ago

3 0

In 5 years it will be worth 7,500.

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Step-by-step explanation:

Let be $y = \Sigma_{i = 0}^{4} \left[5\cdot \left(\frac{1}{3} \right)^{i}\right]$ . To find the equivalent expression we must use the following property:

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